Key House and Senate members have reached a bipartisan deal to delay the implementation of major parts of the Biggert-Waters Flood Insurance Reform Act. The agreement — which still must be codified into a bill — will ensure the government continues to subsidize flood-insurance for many homeowners who participate in the National Flood Insurance Program (NFIP) while the impact of higher rates is studied.
The agreement is a result of concerns over the implementation of Biggert-Waters, and the effect it has had on flood insurance premiums since it was passed in July 2012.
Extended! The National Flood Insurance Program
Drip. Drip. Drip.
That might be the sound of Congressional re-authorizations of the National Flood Insurance Program (NFIP), which enables homeowners to purchase flood insurance in approximately 21,000 U.S. communities, including many in Virginia.
Since 2008, the NFIP has experienced ten short-term extensions and five temporary shutdowns. The program lapsed twice in 2010 alone.
The NFIP authority was extended as part of H.R. 2112, a technical bill that combined three annual spending bills with a stopgap funding measure to keep the federal government open for business.
Late on Tuesday, June 30, the Senate got it done. This just in from NAR: